Over the past two decades, we have clearly seen an erosion of ethical values.

Firms need to ensure that their ability to provide effective customer service keeps pace with their growth. If you're marketing your firm to new customers, you better be able to provide them service when they do business with you.

But when that information travels only to a privileged few, when it is used to profit at the expense of the investing public, when that information comes by way of favored access rather than by acumen, insight or diligence, we must ask, 'Whose interest is really being served?'.

Today, the forces of competition, technology, and globalization have converged to spur innovation and to transform the way business is done in the securities industry.

While fund performance is unpredictable, the impact of fees is not, .. A 1- percent annual fee will reduce an ending account balance by 17 percent after 20 years.

Investors should start with a view of skepticism. They should become intellectual investors rather than emotional investors. They should be careful, and they should be skeptical.

George Orwell once blamed the demise of the English language on politics. It's quite possible he never read a prospectus.

Personally I don't think day traders are speculating, because traditional speculation requires some market knowledge. They are, instead, gambling, which doesn't.

Although the Internet makes it seem as if you have a direct connection to the securities market, you don't. Lines may clog systems may break orders may back-up.

I think that the failures of Enron and WorldCom and other companies are partially failures of investors to recognize companies that are selling for a thousand times nothing, but chances are they may be worth only that.